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Summary:
Avery Dennison's fourth-quarter 2014 earnings increased 30% year
over year to $0.90 per share. Avery Dennison expects adjusted
earnings per share to range between $3.20 and $3.40 in fiscal 2015.
The Pressure Sensitive Materials segment will benefit from product
introductions and growth in emerging markets while increased
adoption of RFID will be a long- term driver for the Retail
Branding Information Solutions segment. Cost reductions and further
share repurchases will boost earnings. However, the slowdown in
China and currency volatility remain headwinds. Thus, we reiterate
our Neutral recommendation on Avery Dennison with a target price of
$54.

Overview:

Headquartered in Pasadena, California, Avery Dennison
Corporation (AVY) produces pressure-sensitive materials, and a
variety of tickets, tags, labels and other converted products.
Avery operates over 180 manufacturing and distribution facilities
in more than 60 countries. Its products are sold under the Avery,
Avery Dennison, Avery Graphics and Fasson brands. Its clientele is
spread across the U.S., Europe, Asia, Latin America and other
regions. Avery runs three major business units:

The Pressure-Sensitive Materials unit (PSM) (74% of total
revenue in the third quarter of 2014) primarily manufactures and
sells pressure-sensitive roll materials, graphics and reflective
materials, and water and solvent-based performance polymer
adhesives and engineered films.

Vancive Medical Technologies unit (1%) is a producer of medical
products and solutions. This business manufactures a wide range of
pressure-sensitive adhesive products for surgical, wound care,
ostomy and electromedical applications. These products are sold
primarily to medical supply and device manufacturers and healthcare
providers.

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